COP28: Key Climate Takeaways and the Road Ahead

The 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC), commonly referred to as COP28, has concluded in Dubai. Delegations from nearly 200 member nations to the UNFCCC convened in the ongoing effort to collaborate and combat the escalating threat of climate change. This was set against the concurrent confirmation by scientists that 2023 will be the hottest year on record.

The lead up to the opening of COP28 was marked by criticism of the conference host and presidency selection of the UAE energy minister. It should be noted that the UAE ranks seventh in global oil production at a 4% share of world total behind the United States (21%), Saudi Arabia (13%), Russia (10%), Canada (6%), Iraq, (5%) and China (5%), according to the U.S. Energy Information Administration (EIA).

The summit was a global call to action with mounting concern and pressure for government action to slow the rate of climate change and cap global temperature rise, per the COP21 Paris Agreement goals. The COP28 Dubai Agreement has been referred to as the "beginning of the end" of the fossil fuel era, with inclusion of provisions calling for a just transition towards less carbon-intensive and renewable energy sources. The conference was attended by some 85,000 people including the largest cohort of businesses in the nearly three decades since the UNFCCC was established.

Key Outcomes of COP28

1. Global Stocktake and Transitioning Away from Fossil Fuels

The central outcome of COP28 is the global stocktake, which is a comprehensive assessment of national climate action plans. The stocktake reiterated that global greenhouse gas (GHG) emissions need to be cut 43% by 2030, compared to 2019 levels, to limit global warming to 1.5°C.

The stocktake was the most anticipated and scrutinized aspect of the delegation meetings. The final text, which was reached as COP28 came to a close, delivered a call to “transition away” from fossil fuels with the intention of “accelerating and substantially reducing non-CO2 emissions globally, including in particular methane emissions by 2030.” This was a significant move and a first in terms of agreed-upon text language by the member delegations. This decision underscores the urgent need for nations to translate their pledges into tangible and actionable GHG emissions reduction plans.

2. Accelerating Renewable Energy and Energy Efficiency

COP28 called for tripling renewable energy capacity and doubling energy efficiency improvements globally by 2030. This target aims to expedite the transition from fossil fuels and promote sustainable alternatives.

3. Climate Finance

Climate finance was one of the main themes of the conference. The Green Climate Fund (GCF) received significant supplemental funds, with pledges coming in at USD$12.8 billion from 31 countries.

4. Loss and Damage Fund

A landmark agreement was reached on the implementation and operationalization of the loss and damage fund. This fund aims to provide technical assistance to developing countries that are particularly vulnerable to the adverse effects of climate change. Initial pledges from wealthy nations to support the fund totaled more than USD$650 million.

5. Health and Inclusivity

COP28 emphasized the critical importance of enabling all stakeholders to engage in climate action. While the origins of international and national environmental law were protection of human health and the environment from pollution, health impacts have often been left out of climate discussions. A significant outcome was the Declaration on Climate and Health, which was endorsed by 142 member nations.

World leaders were joined by civil society, businesses, indigenous persons, youth, and philanthropic organizations in a shared determination to close the gaps to the climate goals by 2030, with a number of side announcements from the private and philanthropic sectors.

6. Strengthening Resilience to Climate Change

COP28 made significant progress in strengthening the resilience of capabilities of vulnerable nations to the impending effects of climate change. Parties agreed on targets for the Global Goal on Adaptation (GGA) and its framework, reflecting a global consensus on adaptation targets.

Challenges and Steps Forward

Despite the significant outcomes, COP28 faced several challenges. The conference fell short of delivering decisive action on climate change, primarily due to the lack of adequate financial pledges and the slow pace of progress in many critical areas. Nonetheless, COP28 achieved notable progress in several areas. It marked a crucial step forward in agreement on global climate policy, with the world's leaders formally recognizing the need for a planned transition away from fossil fuels.

The outcomes of COP28 have far-reaching implications and they underscore the urgent need for nations to ramp up their efforts to combat climate change. The next two years will be critical and will demonstrate whether we are positioned to meet our global goals by 2030. We’ll see continued engagement by the private sector in specific areas, including the continued maturity of voluntary carbon markets. We’re in the most critical decade for climate change and its incumbent upon the corporate sector to implement cogent climate transition plans toward a more securable, equitable, and livable future.

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